Host Community Opposes Sale of OML 29

The host community to the Oil Mining Lease (OML) 29 has opposed the intention of the federal government to sell the oil block to interested buyers.

Anglo Dutch oil giant, Shell, has been offering several of its onshore oil assets for sale to interested buyers as part of global divestment strategy.

However, the host community to OML 29, Nembe Bassambiri, Bayelsa State, in a position paper on Tuesday, said it rejected any purported divestment or sale by the Shell Petroleum Development Company of Nigeria Limited (SPDC), Nigerian Agip Oil Company Limited (NAOC) and

Russian oil firms lock horns over lucrative OML29

OML 29, which holds the site of Nigeria’s first oil discovery, Oloibiri field in addition to Nembe Creek field, Santa Barbara and Odeama Creek fields, all producing is now at the center of a brawl between two Russian firms; Lukoil and L1 Energy.

Lukoil is Russia’s second largest oil company. The company was formed in 1991 when three state-run, western Siberian companies merged. That meant vertically integrating the three branches of the industry – exploration, refining, and distribution that were strictly